UPDATE: RBC Capital Starts Xenon Pharmaceuticals (XENE) at Outperform
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RBC Capital analyst Brian Abrahams initiates coverage on Xenon Pharmaceuticals (NASDAQ: XENE) with a Outperform rating and a price target of $43.00.
The analyst comments "Initiating coverage of XENE with an Outperform, Speculative Risk rating and $43 price target. We believe strong ph.II data for lead drug '1101 in adult focal epilepsy and numerous properties that resonated well with our KOL consultants suggest a high likelihood of ph.III translatability, ultimate approval, and commercialsuccess – with earlier pipeline programs potentially providing additional out-year drivers. While recentshare upside now better reflects some of these prospects and there are fewer major NT clinical catalysts, we still see potential for further appreciation as the value of its portfolio becomes increasingly recognized."
Shares of Xenon Pharmaceuticals closed at $30.09 yesterday.
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